Veltyco Group plc (LON:VLTY), the online marketing and operating company for the gaming industry, announced today its unaudited interim results for the six months ended 30 June 2018.
· Revenues increased by 40% to €8.9 million (H1 2017: €6.4 million)
· Operating EBITDA for the period increased 5% to €4.0 million (H1 2017: €3.8 million)
· Operating profit increased to €3.71 million (H1 2017: €3.65 million)
· Net profit after tax amounted to €3.3 million (H1 2017: €3.6 million)
· Basic earnings per share 5.38 euro cents per share (H1 2017: 5.13 euro cents per share)
· Net cash balance as at 30 June 2018 of €1.0 million (31 December 2017: €0.7 million)
· Company paid a maiden dividend of 0.25p per share on the 2017 results in July 2018
· Actively seeking to reduce the Company’s total receivable position as at 30 June 2018 €12.6 million (31 December 2017: €14.4 million)
· Acquired database of active customers in the financial trading industry, with a view of launching our own regulated online financial trading brand during Q4 2018
· Ahead of launch of own regulated online financial trading brand, decision taken to reduce marketing spend for third parties in this vertical
· Veltyco shares admitted to trading on the Frankfurt Stock Exchange (FRA: 24GN)
· Renewed the exclusive marketing partnership with Betsafe in Germany to May 2021
· New corporate banking relationships being secured, to continue to assist in addressing the Group’s overall receivable position
Commenting on the results, Gilles Ohana, Veltyco Group plc Non-Executive Chairman, said:
“The first half of 2018 has been a very busy period for the Group, with a number of important developments taking place.
With regards to our own brand and operations, the Group continues to invest in Bet90 to further increase its contribution to the Group’s results.
Following the recent acquisition of a database of active customers in the financial trading industry, we expect to be launching our own regulated brand in the online financial trading sector during Q4 2018. With the launch in mind, we have taken the decision to reduce marketing spend in this vertical which will impact revenues in the second half of 2018, though operating margins are expected to increase. However, we expect this new operation to contribute positively to the results in 2019 and lead to a further reduction of trade receivables in this vertical.”